It’s tax refund season! If you have a refund due this year and you’re getting antsy for it, you can check its status easily with this simple web-based tool from the IRS web site. You’ll need to provide your social security number, marital status, and exact refund amount in order for your request to be processed.
If you are receiving a large refund, consider having your employer adjust your W-4 so that less is withheld from your paycheck. This will, in essence, spread your refund out over the course of a year. If you have the discipline to use this money wisely, you’ll have use of it much earlier than if you had waited for a refund.
Before this year, I always loved a huge tax refund. Because I was undisciplined with money, this small windfall was a great way to force myself to save. I knew all about the arguments against a tax refund, but I chose to get one anyway.
I have more discipline with money now, and a tax refund no longer appeals to me. But I’m still not ready to argue that a tax refund is bad for everyone. If a large refund makes you happy, if it helps you to save, then do it. Just be aware that there’s a better financial option when you’re ready for it.
Also, Bankrate has a list of 10 smart things to do with your tax refund. Number one? Pay down your credit cards!
[Internal Revenue Service: Get refund status]
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I tried that option to see when I’d get my refund but it didn’t work – I suppose cause I’m not technically getting a refund – rather I overpaid on my quarterly taxes.
On another note the tax stimulus rebate checks are due to start going out on Monday according to MSN.
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We get a large refund every year, but it’s due to tax credits from our adoptions. We actually don’t have any federal taxes withheld from our paychecks. Our refund is generally the same as our child tax credits.
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I find the W-4 processing unclear. Using the form I am supposed to have two allowances, but using the online calculator, just one.
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.. Oh yeah… Forgot to add…. Use the tax return to fund your IRA. After all, it’s kinda ‘found money’, you can shield some of your taxable income as well, thereby getting a real return on your cash..
Thx !!
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or just file early and get your refunds back in february
if they owe us money, we want it back asap. if we owe them money, they can wait! if it’s a wash, i’ll wait on that too.
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I’ve had my refund since February. I couldn’t imagine waiting this long to get my own money back.
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You all have a good point! Next year, I roll this out in February!
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J.D. I read on MSN that the rebate is basically an advance on 08 tax returns filed in 09. If the IRS over pays on the rebate they will not require repayment on the over-paid portion. I was looking at ways to reduce the amount of our return for 08 (to have more to save during the year)when I came across this article. Went to IRS website I got rather confussed. Could you please explain this in plain English?
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Hey, I have a question someone might be able to answer. Last year, I didn’t file taxes because I had an income of $0 (living off my savings for a while..yeah I know it’s bad). I figured I could not get the tax rebate. But I recently heard on the news that you could file a “rebate return” if you didn’t file a regular return because you earned less than the required amount to file, and you could get the rebate anyway. Does anyone know how to get info on this? I could call a tax accountant, but that would be expensive.
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Hey Charles.. This is a blurb off the net( Read the third paragraph down … If your income from investments didn’t make $3K, you may be out of luck!) :
Want your tax rebate check? You gotta file first!
The economic stimulus package that President Bush signed into law on Feb. 13 means that around 130 million Americans will be eligible to receive a tax rebate check beginning in May. But there’s a catch that lower-income seniors need to know about!
Eligible Filers
Those eligible to receive Uncle Sam’s tax rebate must have a valid Social Security number and have earned at least $3,000 in 2007 – which includes earned income, Social Security, Railroad Retirement and veteran’s benefits (SSI does not count). But here’s the catch. In order to receive it, you have to file a 2007 federal tax return.
Even if you aren’t normally required to file a income tax return – and around 20 million seniors and low-income workers aren’t – you must file one this year if you want to receive your rebate. The reason for the mandatory filing is because the IRS will be using the information on your 2007 tax return to determine your eligibility and to calculate the amount of your payment. So no tax return means no rebate!
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